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Mortgage Fraud Scams Tips
Real Estate - Renting a Foreclosed Home Leasing - Careers
Be careful what you sign - There are numerous scams involving deed transfer or questionable loan paperwork. The strategy varies, but the goal is always the same; separate you from your money and, possibly, your property.
Never sign over your deed. Scenario: transferring the deed is presented as a necessity to negotiate on your behalf. Whereas it is true that the lender will only negotiate with the owner, you can authorize an attorney or qualified third party individual to represent your interests. There is no need to alter your deed.
The deed transfer may be buried in bogus refinance paperwork. If you are behind on your mortgage, teetering on the edge of foreclosure and/or your credit scores are very low, be careful about calls regarding miraculous mortgage refinancing options.
Scenario: you get a call from someone offering to refinance your property. When you ‘close’ on the loan, a deed is buried in the stack of loan paperwork that you sign. It’s common for people to race through the pages without reading a thing. I can sympathize. It is 100+ pages of endless disclosures and gibberish. This trait can be exploited. Carefully review all loan documents before signing them with a keen eye for any document with the word “deed.” I would suggest having an attorney review any documents that seem questionable.Another common scam is to ask the homeowner to sign documents with blank lines or spaces. Once your signature is on the document, the terms of the agreement can be altered or new terms can be added. Make a copy of all financial documents pertaining to your home and never sign a blank document.
Ahorre June 22, 2009 09:27 AM | New Fairfield Connecticut